The move makes sense in that they both follow the same objective of long-term capital growth and high income levels. Aldridge will remain as the alternate manager for the new, larger UK Equity Income Fund.
At the same time, Doel’s £64m UK Opportunities Fund is to be merged into the £153m UK Equity Fund managed by Phil Lees, co-manager of the UK Opportunities Fund. The fund will retain its investment objective though its name will change to the F&C UK Alpha Fund from 24 June.
Both funds are concentrated, high conviction funds.
These proposals will be put to shareholders at an Extraordinary General Meeting to be held on 15 June with the changes expected to be made by the end of June.
